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What Happens if You Change Your Mind After Paying a Deposit on a Used Car

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  • 12-29-2016, 01:03 PM
    lawfacts
    What Happens if You Change Your Mind After Paying a Deposit on a Used Car
    If you agree to buy a used car, sign an agreement and pay a $1,000 deposit, then change your mind about buying the car, can you get the deposit returned? Are there any laws in Virginia that provide protection to the buyer or seller in a private used car sale?
  • 12-29-2016, 01:29 PM
    Mr. Knowitall
    Re: What Happens if You Change Your Mind After Paying a Deposit on a Used Car
    This is a matter of contract law, not one that would involve specific statutory rights. The first place to look for answers is the contract. If you agree that the deposit is non-refundable, then odds are you are not going to be able to recover the deposit. If the contract is silent on refundability, but binds you to purchase the vehicle, the seller may have a claim to part or all of the deposit in association with any cost associated with finding another buyer, or if after a reasonable effort is made the car sells for less than you agreed to pay.
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